The rise of crypto casinos has gained much traction over the last decade. As more people are being educated about cryptocurrency, the more there are wanting outlets to spend their currency. The online gambling arena has been one of the most crypto-friendly environments for a long time now.
Bitcoin has been the most popular gambling token to date, but with the exponential growth of the currency in the last few months, we don’t blame those with a reluctance to gamble it away when it is worth so much money.
Thankfully, there are some tremendous alternative currencies (altcoins) that work well in the gambling environment. In fact, Ethereum, Litecoin, and Dogecoin are arguably better suited to the online gambling world than Bitcoin is.
✓ Ethereum: Offering a Smarter Way
Ether is the currency that derives from the Ethereum blockchain network, which is the second most valuable cryptocurrency on the market, under Bitcoin. It is becoming increasingly more popular in gambling realms with several casinos built exclusively upon its blockchain.
Ethereum is a preferred method of payment for a few good reasons:
Smart Contracts: Ethereum has been developed to offer smart contracts. This service does away with the trust factor between casino and player and makes each transaction much safer. Instead of the player sending currency to the casino account to top it up, it is sent to a smart contract.
The contract will then either pay the casino or not based on the outcome of the round. This means that the casino never has access to your funds unless you forfeit them to the operator by losing. This promotes peace of mind for the player and the casino. The contract cannot be cancelled and guarantees that the winning party will receive their money.
- Speed of Transaction: Smart contracts usually payout quicker than Bitcoin. The block approval rate on Ethereum is 15 secs as opposed to 10 minutes on Bitcoin. This means that the currency is far better geared to run microtransactions to and from a casino than its counterpart.
At Ethereum Casinos, you may be able to choose whether you would like to transact via smart contract or resort to standard transactional processes, similar to that offered by Bitcoin.
Players can easily purchase Ethereum at most approved exchanges. As the number of Ethereum Casinos increases, players are finding it easier to bet in this currency.
✓ Litecoin: Lightweights are Usually Faster
Commonly known as the Silver to Bitcoin’s Gold, Litecoin was developed to run at a lighter capacity than that of BTC, which makes it the better medium for microtransactions. Litecoin is similar in nature to Bitcoin, offering secure, anonymous transactions that are secured and derived from ‘Proof of Work’.
Litecoin is a preferred method of payment in the online casino industry for the following reasons:
- Price: The price of each block transaction with Litecoin is a fraction of the cost of Bitcoin.
- Speed of Service: Litecoin block times turnaround in about 2.5 minutes, which is 4 times faster than Bitcoin. This means that it is a far better medium of wagering when you are playing games where time is of the essence (like with Live Casino Games).
Bitcoin transaction costs can vary based on the congestion at the time, but frequently average around $10 per transfer. Litecoin transactions are usually under $1.
Litecoin is widely accepted by online crypto casinos. Its market value combined with its simple usability stands it as a firm favourite among serious online gamblers.
✓ Dogecoin: Set to Walk the Park
Originally designed as a meme coin, DOGE surprised everyone when it soared into popularity and became one of the top 50 most valuable cryptocurrencies in the world.
The coin was originally designed to be far more user-friendly than its counterparts, which has made it popular among those who spend digital currency online rather than just hold it. Some very specific qualities make Dogecoin a popular gambling token:
- Anonymity: While most cryptocurrencies boast anonymous trading, Dogecoin has expressed that it is sold out to ensuring client secrecy, no matter the scenario. This resonates well with casino gamblers who are looking to keep their gameplay private at all costs.
- Coin Supply: Dogecoin has an uncapped supply of currency. Bitcoin, on the other hand, is capped at 21 million coins in total. The widespread availability of Dogecoin and its inflationary supply has made it the ideal crypto for gamblers who want to bet rather than invest with the coinage.
- Transaction Time: Dogecoin is well suited to processing microtransactions. Each block is processed in approximately 1 minute. Most blocks are quite empty, meaning that your transaction should process on the next block, as there is normally space. With Bitcoin, you may have to wait for several blocks before your transaction reflects on the blockchain.
Dogecoin’s unlimited coin cap ensures that you can enjoy limitless entertainment in the online gambling sector. The currency now boasts more than 120 billion coins in existence.
Dogecoin is the third most popular cryptocurrency in the gambling sphere, after Bitcoin and Ethereum. A quick glance above and you can understand why.
Many other altcoins deserve a notable mention for their use in crypto gambling. Coins like XRP (Ripple), Monero, And Bitcoin Cash are being accepted by more and more casinos. The expected usability and cost are set to rival that of our three candidates. In many cases, the suitability of each currency comes down to personal preference.
Be sure to join one of our GambersPick approved crypto casinos to start your gambling with either Ether, Litecoin, or Dogecoin now.